European markets were also showing sharp gains, with key indexes up 2% in Germany and France.

Other U.S. stocks in the news Tuesday were Qualcomm Inc., which climbed $2.89, or 4%, to $76.51 after the San Diego chip maker announced a dividend increase and stock repurchase plan; and Radio Shack Corp., which was down 37 cents, or 14%, after the electronics retailer said it planned to close 1,100 of its 4,000 stores amid declining sales.

Hershel Phillips is the youngest suspect in a large "crash-and-grab" ring that barreled through the doors of high-end stores and made off with more than $2 million in merchandise over the last several months, according to police.

The Chicago Cubs on Tuesday sought City Hall permission to expand construction hours at Wrigley Field, with bleacher work falling well behind schedule on the team's $375 million ballpark renovation project.